Fred Alger Management LLC Acquires 2,447 Shares of Simon Property Group, Inc. $SPG

Key Points

• Fred Alger Management LLC has increased its stake in Simon Property Group by 8.0%, now owning 33,220 shares valued at approximately $5.5 million.
• Simon Property Group's latest earnings report showed a net margin of 36.78% and year-over-year revenue growth of 13.9%, exceeding analysts' expectations.
• The company announced a dividend increase to $2.15 per share, representing an annualized yield of 4.7% and a payout ratio of 129.83%.

Fred Alger Management LLC increased its position in shares of Simon Property Group, Inc. (NYSE:SPG - Free Report) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,220 shares of the real estate investment trust's stock after acquiring an additional 2,447 shares during the quarter. Fred Alger Management LLC's holdings in Simon Property Group were worth $5,517,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in Simon Property Group by 31.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,325 shares of the real estate investment trust's stock worth $553,000 after acquiring an additional 789 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in Simon Property Group by 193.5% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the real estate investment trust's stock worth $128,000 after buying an additional 509 shares during the period. Brighton Jones LLC acquired a new stake in Simon Property Group during the 4th quarter worth approximately $295,000. J.W. Cole Advisors Inc. acquired a new stake in Simon Property Group during the 1st quarter worth approximately $895,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Simon Property Group by 8.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,310 shares of the real estate investment trust's stock worth $9,415,000 after buying an additional 4,589 shares during the period. Institutional investors own 93.01% of the company's stock.

Simon Property Group Price Performance

Shares of SPG opened at $182.62 on Tuesday. The company has a market cap of $59.62 billion, a price-to-earnings ratio of 28.23, a PEG ratio of 11.04 and a beta of 1.50. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13. The company's fifty day simple moving average is $169.48 and its 200 day simple moving average is $164.22. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05.

Simon Property Group (NYSE:SPG - Get Free Report) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $3.04 by $0.01. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.40 billion. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.90 earnings per share. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. On average, research analysts forecast that Simon Property Group, Inc. will post 12.54 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a dividend of $2.15 per share. The ex-dividend date is Tuesday, September 9th. This is a positive change from Simon Property Group's previous quarterly dividend of $2.10. This represents a $8.60 dividend on an annualized basis and a yield of 4.7%. Simon Property Group's dividend payout ratio is presently 129.83%.

Insider Buying and Selling at Simon Property Group

In other news, Director Reuben S. Leibowitz bought 522 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were acquired at an average cost of $159.29 per share, for a total transaction of $83,149.38. Following the completion of the acquisition, the director owned 58,195 shares in the company, valued at approximately $9,269,881.55. This represents a 0.91% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel C. Smith acquired 378 shares of Simon Property Group stock in a transaction on Monday, June 30th. The shares were bought at an average cost of $159.29 per share, with a total value of $60,211.62. Following the completion of the transaction, the director owned 31,998 shares of the company's stock, valued at approximately $5,096,961.42. This trade represents a 1.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 2,428 shares of company stock valued at $387,271 in the last 90 days. Company insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

SPG has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Simon Property Group from $180.00 to $184.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Mizuho lowered their price objective on shares of Simon Property Group from $182.00 to $169.00 and set a "neutral" rating on the stock in a report on Tuesday, June 10th. Truist Financial lifted their price objective on shares of Simon Property Group from $168.00 to $169.00 and gave the company a "hold" rating in a report on Monday, August 25th. Argus reiterated a "buy" rating and issued a $185.00 price objective on shares of Simon Property Group in a report on Friday. Finally, LADENBURG THALM/SH SH began coverage on shares of Simon Property Group in a report on Friday, July 18th. They issued a "buy" rating and a $225.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $184.92.

Simon Property Group Company Profile

Simon Property Group, Inc NYSE: SPG is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.

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